Sunday, May 22, 2022

KSE-100 sheds 120 points on foreign selling, AML laws


Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

KSE100 index went down again by the end of session on foreign selling and fears of AML laws, although early hours of trading were no different than the past week. The market initially traded in a narrow band at low volumes and as the day progressed selling in blue chips became more pronounced particularly triggered by activity in OGDC.

BOP topped the volumes table again, followed by UNITY and OGDC.

Cement sector which sustained pressures in the past sessions, also gave way to the pressure and saw prices coming off by the end of session despite continuous decline in international coal prices.

The Index closed at 38,808pts as against 38,929pts showing a decline of 120pts (-0.3% DoD).

Sectors contributing to the performance include Cement (-43pts), E&P (-31pts), Power (-24pts), O&GMCs (14pts), Engineering (-12pts), Fertilizer (+15pts), Textile (+14pts).

Analysts at Arif Habib Limited said that the volumes declined from 94mn shares to 86mn shares (-8% DoD). Average traded value however, increased by 2% to reach US$ 24.1mn as against US$ 23.6mn.

Stocks that contributed significantly to the volumes include BOP, UNITY, OGDC, KEL and LOTCHEM, which formed 49% of total volumes.

Stocks that contributed positively include KTML (+10pts), FFC (+8pts), EFERT (+7pts), PMPK (+6pts), and SEARL (+6pts).

Stocks that contributed negatively include OGDC (-28pts), LUCK (-20pts), HUBC (-14pts), UBL (-11pts) and DGKC (-8pts).

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